SLM Private Credit Student Loan Trust 2003-B Quarterly Servicing Report
Report Date: 5/31/2005 Reporting Period: 3/1/05-5/31/05
I. Deal Parameters
Student Loan Portfolio Characteristics | 2/28/2005 | Activity | 5/31/2005 | |||||||||||||
A | i | Portfolio Balance | $ | 1,148,036,144.67 | $ | (17,837,790.70 | ) | $ | 1,130,198,353.97 | |||||||
ii | Interest to be Capitalized | 44,706,060.32 | 48,504,182.28 | |||||||||||||
iii | Total Pool | $ | 1,192,742,204.99 | $ | 1,178,702,536.25 | |||||||||||
iv | Cash Capitalization Account (Cii) | 74,242,876.07 | 74,242,876.07 | |||||||||||||
v | Asset Balance | $ | 1,266,985,081.06 | $ | 1,252,945,412.32 | |||||||||||
i | Weighted Average Coupon (WAC) | 6.053 | % | 6.364 | % | |||||||||||
ii | Weighted Average Remaining Term | 176.51 | 174.72 | |||||||||||||
iii | Number of Loans | 134,116 | 132,212 | |||||||||||||
iv | Number of Borrowers | 97,242 | 95,961 | |||||||||||||
v | Prime Loans Outstanding | $ | 992,241,510 | $ | 987,829,186 | |||||||||||
vi | T-bill Loans Outstanding | $ | 198,264,208 | $ | 190,278,785 | |||||||||||
vii | Fixed Loans Outstanding | $ | 2,236,487 | $ | 594,566 |
% of | % of | |||||||||||||||||||||||||||
Notes | Cusips | Spread | Balance 3/15/05 | O/S Securities** | Balance 6/15/05 | O/S Securities** | ||||||||||||||||||||||
B | i | A-1 Notes | 78443CAL8 | 0.100 | % | $ | 476,866,671.58 | 38.457 | % | $ | 462,827,002.84 | 37.753 | % | |||||||||||||||
ii | A-2 Notes | 78443CAM6 | 0.400 | % | 440,506,000.00 | 35.525 | % | 440,506,000.00 | 35.932 | % | ||||||||||||||||||
iii | A-3 ARS | 78443CAN4 | ARS | 109,000,000.00 | 8.790 | % | 109,000,000.00 | 8.891 | % | |||||||||||||||||||
iv | A-4 ARS | 78443CAP9 | ARS | 109,000,000.00 | 8.790 | % | 109,000,000.00 | 8.891 | % | |||||||||||||||||||
v | B Notes | 78443CAQ7 | 0.700 | % | 43,871,000.00 | 3.538 | % | 43,871,000.00 | 3.579 | % | ||||||||||||||||||
vi | C Notes | 78443CAR5 | 1.600 | % | 60,744,000.00 | 4.899 | % | 60,744,000.00 | 4.955 | % | ||||||||||||||||||
vii | Total Notes | $ | 1,239,987,671.58 | 100.000 | % | $ | 1,225,948,002.84 | 100.000 | % | |||||||||||||||||||
3/15/2005 | 6/15/2005 | |||||||||||||||
C | i | Specified Reserve Account Balance ($) | $ | 3,118,201.00 | $ | 3,118,201.00 | ||||||||||
ii | Reserve Account Balance ($) | $ | 3,118,201.00 | $ | 3,118,201.00 | |||||||||||
iii | Cash Capitalization Acct Balance ($) | $ | 74,242,876.07 | $ | 74,242,876.07 | |||||||||||
iv | Initial Asset Balance | $ | 1,349,870,474 | $ | 1,349,870,474 | |||||||||||
v | Specified Overcollateralization Amount | $ | 26,997,409.48 | $ | 26,997,409.48 | |||||||||||
vi | Actual Overcollateralization Amount | $ | 26,997,409.48 | $ | 26,997,409.48 | |||||||||||
vii | Has the Stepdown Date Occurred?* | No | No |
* | The Stepdown Date is the earlier of the distribution date following the reduction of the Class A Notes to zero, or June 15, 2008. At the Stepdown Date, principal payments made on the Class B and Class C Notes may begin to be paid pro-rata with the Class A Notes. See the prospectus for complete information concerning the Stepdown Date. |
** | Percentages may not total 100% due to rounding |
1
II. 2003-B Transactions from: 3/1/2005 through: 5/31/2005
A | Student Loan Principal Activity | |||||||
i | Principal Payments Received | $ | 19,909,225.77 | |||||
ii | Purchases by Servicer (Delinquencies >180) | 2,473,300.33 | ||||||
iii | Other Servicer Reimbursements | 12,825.37 | ||||||
iv | Other Principal Reimbursements | 30,995.21 | ||||||
v | Total Principal Collections | $ | 22,426,346.68 | |||||
B | Student Loan Non-Cash Principal Activity | |||||||
i | Realized Losses/Loans Charged Off | $ | 0.00 | |||||
ii | Capitalized Interest | (4,471,890.21 | ) | |||||
iii | Capitalized Insurance Fee | (108,209.14 | ) | |||||
iv | Other Adjustments | (8,456.63 | ) | |||||
v | Total Non-Cash Principal Activity | $ | (4,588,555.98 | ) | ||||
C | Total Student Loan Principal Activity | $ | 17,837,790.70 | |||||
D | Student Loan Interest Activity | |||||||
i | Interest Payments Received | $ | 9,156,709.83 | |||||
ii | Purchases by Servicer (Delinquencies >180) | 115,783.21 | ||||||
iii | Other Servicer Reimbursements | 135.16 | ||||||
iv | Seller Reimbursements | 1,540.71 | ||||||
v | Late Fees | 144,157.94 | ||||||
vi | Collection Fees | 0.00 | ||||||
vii | Total Interest Collections | $ | 9,418,326.85 | |||||
E | Student Loan Non-Cash Interest Activity | |||||||
i | Realized Losses/Loans Charged Off | $ | 0.00 | |||||
ii | Capitalized Interest | 4,471,890.21 | ||||||
iii | Other Interest Adjustments | 229.56 | ||||||
iv | Total Non-Cash Interest Adjustments | $ | 4,472,119.77 | |||||
F | Total Student Loan Interest Activity | $ | 13,890,446.62 | |||||
2
III. 2003-B Collection Account Activity 3/1/2005 through: 5/31/2005
A | Principal Collections | |||||||
i | Principal Payments Received | $ | 19,365,125.48 | |||||
ii | Consolidation Principal Payments | 544,100.29 | ||||||
iii | Purchases by Servicer (Delinquencies >180) | 2,473,300.33 | ||||||
iv | Reimbursements by Seller | 0.00 | ||||||
v | Reimbursements by Servicer | 12,825.37 | ||||||
vi | Other Re-purchased Principal | 30,995.21 | ||||||
vii | Total Principal Collections | $ | 22,426,346.68 | |||||
B | Interest Collections | |||||||
i | Interest Payments Received | $ | 9,146,071.57 | |||||
ii | Consolidation Interest Payments | 10,638.26 | ||||||
iii | Purchases by Servicer (Delinquencies >180) | 115,783.21 | ||||||
iv | Reimbursements by Seller | 0.00 | ||||||
v | Reimbursements by Servicer | 135.16 | ||||||
vi | Other Re-purchased Interest | 1,540.71 | ||||||
vii | Collection Fees/Return Items | 0.00 | ||||||
viii | Late Fees | 144,157.94 | ||||||
ix | Total Interest Collections | $ | 9,418,326.85 | |||||
C | Recoveries on Realized Losses | $ | 0.00 | |||||
D | Funds Borrowed from Next Collection Period | $ | 0.00 | |||||
E | Funds Repaid from Prior Collection Periods | $ | 0.00 | |||||
F | Investment Income | $ | 663,451.17 | |||||
G | Borrower Incentive Reimbursements | $ | 112,579.59 | |||||
H | Interest Rate Cap Proceeds | $ | 0.00 | |||||
I | Gross Swap Receipt | $ | 7,632,542.20 | |||||
J | Other Deposits | $ | 1,540,843.34 | |||||
TOTAL FUNDS RECEIVED | $ | 41,794,089.83 | ||||||
LESS FUNDS PREVIOUSLY REMITTED: | ||||||||
i | Funds Allocated to the Future Distribution Account | $ | (11,375,946.66 | ) | ||||
ii | Funds Released from the Future Distribution Account | $ | 8,401,742.29 | |||||
AVAILABLE FUNDS PRIOR TO RELEASE FROM CASH CAPITALIZATION ACCOUNT | $ | 38,819,885.46 | ||||||
K | Amount released from Cash Capitalizaton Account | $ | 0.00 | |||||
L | TOTAL AVAILABLE FUNDS | $ | 38,819,885.46 | |||||
M | Servicing Fees Due for Current Period | $ | 663,042.28 | |||||
N | Carryover Servicing Fees Due | $ | 0.00 | |||||
O | Administration Fees Due | $ | 20,000.00 | |||||
P | Total Fees Due for Period | $ | 683,042.28 | |||||
3
IV. 2003-B Future Distribution Account Activity
A | Account Reconciliation | |||||||||
i | Beginning Balance | 3/15/2005 | $ | 3,476,265.19 | ||||||
ii | Total Allocations for Distribution Period | $ | 7,899,681.47 | |||||||
iii | Total Payments for Distribution Period | $ | (2,974,204.37 | ) | ||||||
iv | Funds Released to the Collection Account | $ | (8,401,742.29 | ) | ||||||
v | Total Balance Prior to Current Month Allocations | $ | 0.00 | |||||||
vi | Ending Balance | 6/15/2005 | $ | 3,616,492.24 | ||||||
B | Monthly Allocations to the Future Distribution Account | |||||||||
Monthly Allocation Date | 3/15/2005 | |||||||||
i | Primary Servicing Fees | $ | 671,619.76 | |||||||
ii | Admin fees | 6,666.66 | ||||||||
iii | Broker Dealer, Auction Agent and Remarketing Fees | 39,140.08 | ||||||||
iv | Interest Accrued on the Class A Notes and Swap Counterparty | 2,758,838.69 | ||||||||
v | Interest Accrued on the Class B & C Notes | 0.00 | ||||||||
vi | Balance as of | 3/15/2005 | $ | 3,476,265.19 | ||||||
Monthly Allocation Date | 4/15/2005 | |||||||||
i | Primary Servicing Fees | $ | 669,687.75 | |||||||
ii | Admin fees | 6,666.66 | ||||||||
iii | Broker Dealer, Auction Agent and Remarketing Fees | 39,140.08 | ||||||||
iv | Interest Accrued on the Class A Notes and Swap Counterparty | 3,252,131.53 | ||||||||
v | Interest Accrued on the Class B & C Notes | 0.00 | ||||||||
vi | Total Allocations | $ | 3,967,626.02 | |||||||
Monthly Allocation Date | 5/15/2005 | |||||||||
i | Primary Servicing Fees | $ | 666,525.15 | |||||||
ii | Admin fees | 6,666.66 | ||||||||
iii | Broker Dealer, Auction Agent and Remarketing Fees | 37,877.50 | ||||||||
iv | Interest Accrued on the Class A Notes and Swap Counterparty | 3,220,986.14 | ||||||||
v | Interest Accrued on the Class B & C Notes | 0.00 | ||||||||
vi | Total Allocations | $ | 3,932,055.45 | |||||||
C | Total Future Distribution Account Deposits Previously Allocated | $ | 11,375,946.66 | |||||||
D | Current Month Allocations | 6/15/2005 | ||||||||
i | Primary Servicing | $ | 663,042.28 | |||||||
ii | Admin fees | 6,666.66 | ||||||||
iii | Broker Dealer, Auction Agent and Remarketing Fees | 37,877.50 | ||||||||
iv | Interest Accrued on the Class A Notes and Swap Counterparty | 2,908,905.80 | ||||||||
v | Interest Accrued on the Class B & C Notes | 0.00 | ||||||||
vi | Total Allocations on the Distribution Date | $ | 3,616,492.24 |
4
V. 2003-B Auction Rate Security Detail
A | Auction Rate Securities - Payments During Distribution Period | |||||||||||||||||||||||||||||||
i | Payment Date | Security Description | Interest Rate | No. of Days | Start Date | End Date | Interest Payment | Broker/Dealer Fees | Auction Agent Fees | |||||||||||||||||||||||
03/28/2005 | SLMPC TRUST 2003B A3 | 2.680000 | % | 28 | 02/28/2005 | 03/28/2005 | $ | 227,204.44 | $ | 16,955.56 | $ | 720.61 | ||||||||||||||||||||
03/31/2005 | SLMPC TRUST 2003B A4 | 2.720000 | % | 28 | 03/03/2005 | 03/31/2005 | $ | 230,595.56 | $ | 16,955.56 | $ | 720.61 | ||||||||||||||||||||
04/25/2005 | SLMPC TRUST 2003B A3 | 3.150000 | % | 28 | 03/28/2005 | 04/25/2005 | $ | 267,050.00 | $ | 16,955.56 | $ | 720.61 | ||||||||||||||||||||
04/28/2005 | SLMPC TRUST 2003B A4 | 3.250000 | % | 28 | 03/31/2005 | 04/28/2005 | $ | 275,527.78 | $ | 16,955.56 | $ | 720.61 | ||||||||||||||||||||
05/23/2005 | SLMPC TRUST 2003B A3 | 3.080000 | % | 28 | 04/25/2005 | 05/23/2005 | $ | 261,115.56 | $ | 16,955.56 | $ | 720.61 | ||||||||||||||||||||
05/26/2005 | SLMPC TRUST 2003B A4 | 3.190000 | % | 28 | 04/28/2005 | 05/26/2005 | $ | 270,441.11 | $ | 16,955.56 | $ | 720.61 | ||||||||||||||||||||
ii | Auction Rate Note Interest Paid During Distribution Period | 3/15/05 - 6/15/05 | $ | 1,531,934.45 | ||||||||||||||||||||||||||||
iii | Broker/Dealer Fees Paid During Distribution Period | 3/15/05 - 6/15/05 | $ | 101,733.36 | ||||||||||||||||||||||||||||
iv | Auction Agent Fees Paid During Distribution Period | 3/15/05 - 6/15/05 | $ | 4,323.66 | ||||||||||||||||||||||||||||
v | Primary Servicing Fees Remitted | 3/15/05 - 6/15/05 | $ | 1,336,212.90 | ||||||||||||||||||||||||||||
vi | Total | $ | 2,974,204.37 | |||||||||||||||||||||||||||||
- Less: Auction Rate Security Interest Payments due on the Distribution Date | $ | 0.00 | ||||||||||||||||||||||||||||||
- Less: Auction Rate Security Auction Agent Fees due on the Distribution Date | $ | 0.00 | ||||||||||||||||||||||||||||||
- Less: Auction Rate Security Broker Dealer Fees due on the Distribution Date | $ | 0.00 | ||||||||||||||||||||||||||||||
B | Total Payments Out of Future Distribution Account During Collection Period | $ | 2,974,204.37 | |||||||||||||||||||||||||||||
C | Funds Released to Collection Account | $ | 8,401,742.29 | |||||||||||||||||||||||||||||
D | Auction Rate Student Loan Rates | Mar-05 | Apr-05 | May-05 | ||||||||||||||||||||||||||||
5.10011% | 5.10005% | 5.40705% |
5
VI. 2003-B Loss and Recovery Detail
A | i | Cumulative Realized Losses Test | % of Original Pool | 2/28/2005 | 5/31/2005 | |||||||||||
September 15, 2003 to March 17, 2008 | 15% | $ | 187,092,047.70 | $ | 187,092,047.70 | |||||||||||
June 16, 2008 to March 15, 2011 | 18% | |||||||||||||||
June 15, 2011 and thereafter | 20% | |||||||||||||||
ii | Cumulative Realized Losses (Net of Recoveries) | $ | 0.00 | $ | 0.00 | |||||||||||
iii | Is Test Satisfied (ii < i)? | Yes | ||||||||||||||
B | i | Recoveries on Realized Losses This Collection Period | ||||||||||||||
ii | Principal Cash Recovered During Collection Period | $ | 0.00 | $ | 0.00 | |||||||||||
iii | Interest Cash Recovered During Collection Period | $ | 0.00 | $ | 0.00 | |||||||||||
iv | Late Fees and Collection Costs Recovered During Collection Period | $ | 0.00 | $ | 0.00 | |||||||||||
v | Total Recoveries for Period | $ | 0.00 | $ | 0.00 | |||||||||||
C | i | Gross Defaults: | ||||||||||||||
ii | Cumulative Principal Purchases by Servicer | $ | 9,386,511.18 | $ | 11,859,811.51 | |||||||||||
iii | Cumulative Interest Purchases by Servicer | 372,083.92 | 487,867.13 | |||||||||||||
iv | Total Gross Defaults: | $ | 9,758,595.10 | $ | 12,347,678.64 |
6
VII. 2003-B Portfolio Characteristics
Weighted Avg Coupon | # of Loans | % * | Principal Amount | % * | ||||||||||||||||||||||||||||||||||||
STATUS | 2/28/2005 | 5/31/2005 | 2/28/2005 | 5/31/2005 | 2/28/2005 | 5/31/2005 | 2/28/2005 | 5/31/2005 | 2/28/2005 | 5/31/2005 | ||||||||||||||||||||||||||||||
INTERIM: | ||||||||||||||||||||||||||||||||||||||||
In School | 5.919 | % | 6.163 | % | 35,384 | 26,608 | 26.383 | % | 20.125 | % | $ | 308,861,931.59 | $ | 232,150,523.07 | 26.904 | % | 20.541 | % | ||||||||||||||||||||||
Grace | 6.111 | % | 6.243 | % | 6,959 | 14,527 | 5.189 | % | 10.988 | % | 60,721,584.24 | 126,956,084.97 | 5.289 | % | 11.233 | % | ||||||||||||||||||||||||
Deferment | 6.193 | % | 6.484 | % | 8,120 | 7,343 | 6.054 | % | 5.554 | % | 67,271,685.52 | 61,561,250.74 | 5.860 | % | 5.447 | % | ||||||||||||||||||||||||
TOTAL INTERIM | 5.988 | % | 6.234 | % | 50,463 | 48,478 | 37.626 | % | 36.667 | % | $ | 436,855,201.35 | $ | 420,667,858.78 | 38.052 | % | 37.221 | % | ||||||||||||||||||||||
REPAYMENT | ||||||||||||||||||||||||||||||||||||||||
Active | ||||||||||||||||||||||||||||||||||||||||
Current | 5.973 | % | 6.338 | % | 72,935 | 74,960 | 54.382 | % | 56.697 | % | $ | 604,955,087.48 | $ | 620,962,138.72 | 52.695 | % | 54.943 | % | ||||||||||||||||||||||
31-60 Days Delinquent | 6.777 | % | 7.470 | % | 2,193 | 1,671 | 1.635 | % | 1.264 | % | 18,617,806.46 | 14,388,767.55 | 1.622 | % | 1.273 | % | ||||||||||||||||||||||||
61-90 Days Delinquent | 6.865 | % | 7.712 | % | 1,276 | 661 | 0.951 | % | 0.500 | % | 11,213,416.02 | 5,169,251.36 | 0.977 | % | 0.457 | % | ||||||||||||||||||||||||
91-120 Days Delinquent | 7.649 | % | 7.962 | % | 560 | 667 | 0.418 | % | 0.504 | % | 4,558,499.77 | 5,860,342.42 | 0.397 | % | 0.519 | % | ||||||||||||||||||||||||
121-150 Days Delinquent | 7.698 | % | 7.363 | % | 380 | 389 | 0.283 | % | 0.294 | % | 2,922,860.15 | 3,427,318.90 | 0.255 | % | 0.303 | % | ||||||||||||||||||||||||
151-180 Days Delinquent | 7.308 | % | 7.594 | % | 80 | 135 | 0.060 | % | 0.102 | % | 633,248.94 | 1,122,328.40 | 0.055 | % | 0.099 | % | ||||||||||||||||||||||||
> 180 Days Delinquent | 0.000 | % | 0.000 | % | 0 | 0 | 0.000 | % | 0.000 | % | 0.00 | 0.00 | 0.000 | % | 0.000 | % | ||||||||||||||||||||||||
Forbearance | 6.661 | % | 6.945 | % | 6,229 | 5,251 | 4.644 | % | 3.972 | % | 68,280,024.50 | 58,600,347.84 | 5.948 | % | 5.185 | % | ||||||||||||||||||||||||
TOTAL REPAYMENT | 6.093 | % | 6.441 | % | 83,653 | 83,734 | 62.374 | % | 63.333 | % | $ | 711,180,943.32 | $ | 709,530,495.19 | 61.948 | % | 62.779 | % | ||||||||||||||||||||||
GRAND TOTAL | 6.053 | % | 6.364 | % | 134,116 | 132,212 | 100.000 | % | 100.000 | % | $ | 1,148,036,144.67 | $ | 1,130,198,353.97 | 100.000 | % | 100.000 | % |
* Percentages may not total 100% due to rounding
7
VIII. 2003-B Portfolio Characteristics by Loan Program
LOAN TYPE | WAC | # Loans | $ Amount | % | ||||||||||||
- Signature Loans | 6.397 | % | 103,005 | $ | 903,629,934.24 | 79.953 | % | |||||||||
- Law Loans | 6.363 | % | 20,316 | 138,140,280.32 | 12.223 | % | ||||||||||
- Med Loans | 5.834 | % | 5,495 | 43,221,672.13 | 3.824 | % | ||||||||||
- MBA Loans | 6.009 | % | 3,396 | 45,206,467.28 | 4.000 | % | ||||||||||
- Total | 6.364 | % | 132,212 | $ | 1,130,198,353.97 | 100.000 | % |
*Percentages may not total 100% due to rounding
8
IX. 2003-B Interest Rate Swap and Cap Calculations
A | Swap Payments | ||||||||||||||
Counterparty A | Counterparty B | ||||||||||||||
i | Notional Swap Amount - Aggregate Prime Loans Outstanding | $ | 496,120,754.90 | $ | 496,120,754.90 | ||||||||||
Counterparty Pays: | |||||||||||||||
ii | 3 Month Libor | 3.01000 | % | 3.01000 | % | ||||||||||
iii | Gross Swap Receipt Due Trust | $ | 3,816,271.10 | $ | 3,816,271.10 | ||||||||||
iv | Days in Period | 3/15/2005 | 6/15/2005 | 92 | 92 | ||||||||||
SLM Private Credit Trust Pays: | |||||||||||||||
v | Prime Rate (WSJ) Less | 2.6300% | 2.87000 | % | 2.87000 | % | |||||||||
vi | Gross Swap Payment Due Counterparty | $ | 3,588,923.95 | $ | 3,588,923.95 | ||||||||||
vii | Days in Period | 3/15/2005 | 6/15/2005 | 92 | 92 | ||||||||||
B | Cap Payments | ||||||||||||||
Cap Calculation | |||||||||||||||
i | Notional Swap Amount | $ | 870,000,000.00 | ||||||||||||
Counterparty Pays: | |||||||||||||||
ii | 3 Month Libor (interpolated for first accrual period) | 3.01000 | % | ||||||||||||
iii | Cap Rate | 6.00000 | % | ||||||||||||
iv | Excess (if any) of Libor over Cap Rate (ii-iii) | 0.00000 | % | ||||||||||||
v | Days in Period | 3/15/2005 | 6/15/2005 | 92 | |||||||||||
vi | Cap Payment due Trust | $ | 0.00 | ||||||||||||
X. 2003-B Accrued Interest Factors
Accrued | ||||||||
Int Factor | Accrual Period | Rate | ||||||
A | Class A-1 Interest Rate | 0.007947778 | 3/15/05 - 6/15/05 | 3.11000% | ||||
B | Class A-2 Interest Rate | 0.008714444 | 3/15/05 - 6/15/05 | 3.41000% | ||||
C | Class B Interest Rate | 0.009481111 | 3/15/05 - 6/15/05 | 3.71000% | ||||
D | Class C Interest Rate | 0.011781111 | 3/15/05 - 6/15/05 | 4.61000% |
9
XI. 2003-B Input from Prior Period 2/28/05
A | Total Student Loan Pool Outstanding | ||||||||||||||||||||
i Portfolio Balance | $ | 1,148,036,144.67 | |||||||||||||||||||
ii Interest To Be Capitalized | 44,706,060.32 | ||||||||||||||||||||
iii Total Pool | $ | 1,192,742,204.99 | |||||||||||||||||||
iv Cash Capitalization Account (CI) | 74,242,876.07 | ||||||||||||||||||||
v Asset Balance | $ | 1,266,985,081.06 | |||||||||||||||||||
B | Total Note and Certificate Factor | 0.923213700 | |||||||||||||||||||
C | Total Note Balance | $ | 1,239,987,671.58 | ||||||||||||||||||
D | Note Balance 3/15/2005 | Class A-1 | Class A-2 | Class A-3 | Class A-4 | Class B | Class C | ||||||||||||||
i Current Factor | 0.822183900 | 1.000000000 | 1.000000000 | 1.000000000 | 1.000000000 | 1.000000000 | |||||||||||||||
ii Expected Note Balance | $ | 476,866,671.58 | $ | 440,506,000.00 | $ | 109,000,000.00 | $ | 109,000,000.00 | $ | 43,871,000.00 | $ | 60,744,000.00 | |||||||||
iii Interest Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||
iv Interest Carryover | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||
E | Unpaid Primary Servicing Fees from Prior Month(s) | $ | 0.00 | ||||||||||||||||||
F | Unpaid Administration fees from Prior Quarter(s) | $ | 0.00 | ||||||||||||||||||
G | Unpaid Carryover Servicing Fees from Prior Quarter(s) | $ | 0.00 |
10
XII. 2003-B Note Parity Triggers
Class A | Class B | Class C | ||||||||||||||||||
Notes Outstanding | 3/15/05 | $ | 1,135,372,672 | $ | 1,179,243,672 | $ | 1,239,987,672 | |||||||||||||
Asset Balance | 2/28/05 | $ | 1,266,985,081 | $ | 1,266,985,081 | $ | 1,266,985,081 | |||||||||||||
Pool Balance | 5/31/05 | $ | 1,178,702,536 | $ | 1,178,702,536 | $ | 1,178,702,536 | |||||||||||||
Amounts on Deposit* | 6/15/05 | 97,573,076 | 97,157,130 | $ | 96,441,498 | |||||||||||||||
Total | $ | 1,276,275,612 | $ | 1,275,859,666 | $ | 1,275,144,034 | ||||||||||||||
Are the Notes in Excess of the Asset Balance? | No | No | No | |||||||||||||||||
Are the Notes in Excess of the Pool + Amounts on Deposit? | No | No | No | |||||||||||||||||
Are the Notes Parity Triggers in Effect? | No | No | No | |||||||||||||||||
Class A Enhancement | $ | 131,612,409.48 | ||||||||||||||||||
Specified Class A Enhancement | $ | 187,941,811.85 | The greater of 15% of the Asset Balance or the Specified Overcollateralization Amount | |||||||||||||||||
Class B Enhancement | $ | 87,741,409.48 | ||||||||||||||||||
Specified Class B Enhancement | $ | 126,860,723.00 | The greater of 10.125% of the Asset Balance or the Specified Overcollateralization Amount | |||||||||||||||||
Class C Enhancement | �� | $ | 26,997,409.48 | |||||||||||||||||
Specified Class C Enhancement | $ | 37,588,362.37 | The greater of 3% of the Asset Balance or the Specified Overcollateralization Amount |
* Amounts on Deposit in Trust Accounts for the Collection Period after Payment of Section XIII Items B through F for the Class A; Items B through H for the Class B; and Items B through J for the Class C
XIII. 2003-B Cash Capitalization Account
A | Cash Capitalization Account Balance as of Collection Period End Date | 5/31/2005 | $ | 74,242,876.07 | ||||||
Less: Excess of Trust fees & Note interest due over Available Funds | 6/15/2005 | 0.00 | ||||||||
Cash Capitalization Account Balance (CI)* | $ | 74,242,876.07 | ||||||||
B | 5.50% of initial Asset Balance | $ | 74,242,876.07 | |||||||
Excess, CI over 5.50% of initial Asset Balance | $ | 0.00 | ||||||||
Release excess to Collection Account?** | 6/15/2005 | DO NOT RELEASE | ||||||||
C | 3.50% of initial Asset Balance | $ | 47,245,466.59 | |||||||
Excess, CI over 3.50% of initial Asset Balance | $ | 26,997,409.48 | ||||||||
Release excess to Collection Account?** | 6/15/2005 | DO NOT RELEASE | ||||||||
Release from Cash Capitalization Account (R)* | 6/15/2005 | $ | 0.00 | |||||||
*as defined under “Asset Balance” on page S-79 of the prospectus supplement | ||||||||||
**determined based on a comparison of pool balances to notes outstanding and CI, along with certain loan portfolio characteristics, as outlined on page S-58 of the prospectus supplement |
11
XIV. 2003-B Principal Distribution Calculations
A | Priority Principal Payments (If Note Parity Triggers are not in effect, go to Regular Principal Distribution below): | |||||||||
i | Is the Class A Note Parity Trigger in Effect? | No | ||||||||
ii | Aggregate A Notes Outstanding | 3/15/2005 | $ | 1,135,372,671.58 | ||||||
iii | Asset Balance | 5/31/2005 | $ | 1,252,945,412.32 | ||||||
iv | First Priority Principal Distribution Amount | 6/15/2005 | $ | 0.00 | ||||||
— | ||||||||||
v | Is the Class B Note Parity Trigger in Effect? | No | ||||||||
vi | Aggregate A and B Notes Outstanding | 3/15/2005 | $ | 1,179,243,671.58 | ||||||
vii | Asset Balance | 5/31/2005 | $ | 1,252,945,412.32 | ||||||
viii | First Priority Principal Distribution Amount | 6/15/2005 | $ | 0.00 | ||||||
ix | Second Priority Principal Distribution Amount | 6/15/2005 | $ | 0.00 | ||||||
— | ||||||||||
x | Is the Class C Note Parity Trigger in Effect? | No | ||||||||
xi | Aggregate A, B and C Notes Outstanding | 3/15/2005 | $ | 1,239,987,671.58 | ||||||
xii | Asset Balance | 5/31/2005 | $ | 1,252,945,412.32 | ||||||
xiii | First Priority Principal Distribution Amount | 6/15/2005 | $ | 0.00 | ||||||
xiv | Second Priority Principal Distribution Amount | 6/15/2005 | $ | 0.00 | ||||||
xv | Third Priority Principal Distribution Amount | 6/15/2005 | $ | 0.00 | ||||||
— | ||||||||||
B | Regular Principal Distribution | |||||||||
i | Aggregate Notes Outstanding | 3/15/2005 | $ | 1,239,987,671.58 | ||||||
ii | Asset Balance | 5/31/2005 | $ | 1,252,945,412.32 | ||||||
iii | Specified Overcollateralization Amount | 6/15/2005 | $ | 26,997,409.48 | ||||||
iv | First Priority Principal Distribution Amount | 6/15/2005 | $ | 0.00 | ||||||
v | Second Priority Principal Distribution Amount | 6/15/2005 | $ | 0.00 | ||||||
vi | Third Priority Principal Distribution Amount | 6/15/2005 | $ | 0.00 | ||||||
vii | Regular Principal Distribution Amount | $ | 14,039,668.74 | |||||||
C | Class A Noteholders’ Principal Distribution Amounts | |||||||||
i | Has the Stepdown Date Occurred? | No | ||||||||
ii | Asset Balance | 5/31/2005 | $ | 1,252,945,412.32 | ||||||
iii | 85% of Asset Balance | 5/31/2005 | $ | 1,065,003,600.47 | ||||||
iv | Specified Overcollateralization Amount | 6/15/2005 | $ | 26,997,409.48 | ||||||
v | Lesser of (iii) and (ii – iv) | $ | 1,065,003,600.47 | |||||||
vi | Class A Noteholders’ Principal Distribution Amt – Before the Stepdown Date | $ | 14,039,668.74 | |||||||
vii | Class A Noteholders’ Principal Distribution Amt – After the Stepdown Date | $ | 0.00 | |||||||
D | Class B Noteholders’ Principal Distribution Amounts | |||||||||
i | Has the Stepdown Date Occurred? | No | ||||||||
ii | Asset Balance | 5/31/2005 | $ | 1,252,945,412.32 | ||||||
iii | 89.875% of Asset Balance | 5/31/2005 | $ | 1,126,084,689.32 | ||||||
iv | Specified Overcollateralization Amount | 6/15/2005 | $ | 26,997,409.48 | ||||||
v | Lesser of (iii) and (ii – iv) | $ | 1,126,084,689.32 | |||||||
vi | Class B Noteholders’ Principal Distribution Amt – Before the Stepdown Date | $ | 0.00 | |||||||
vii | Class B Noteholders’ Principal Distribution Amt – After the Stepdown Date | $ | 0.00 | |||||||
E | Class C Noteholders’ Principal Distribution Amounts | |||||||||
i | Has the Stepdown Date Occurred? | No | ||||||||
ii | Asset Balance | 5/31/2005 | $ | 1,252,945,412.32 | ||||||
iii | 97% of Asset Balance | 5/31/2005 | $ | 1,215,357,049.95 | ||||||
iv | Specified Overcollateralization Amount | 6/15/2005 | $ | 26,997,409.48 | ||||||
v | Lesser of (iii) and (ii – iv) | $ | 1,215,357,049.95 | |||||||
vi | Class C Noteholders’ Principal Distribution Amt – Before the Stepdown Date | $ | 0.00 | |||||||
vii | Class C Noteholders’ Principal Distribution Amt – After the Stepdown Date | $ | 0.00 | |||||||
12
XV. 2003-B Waterfall for Distributions
Remaining | ||||||||||||
Funds Balance | ||||||||||||
A | Total Available Funds ( Sections III-L ) | $ | 38,819,885.46 | $ | 38,819,885.46 | |||||||
B | Primary Servicing Fees-Current Month plus any Unpaid | $ | 663,042.28 | $ | 38,156,843.18 | |||||||
C | Quarterly Administration Fee plus any Unpaid | $ | 20,000.00 | $ | 38,136,843.18 | |||||||
D | Auction Fees Due 6/15/2005 | $ | 0.00 | $ | 38,136,843.18 | |||||||
Broker/Dealer Fees Due 6/15/2005 | $ | 0.00 | $ | 38,136,843.18 | ||||||||
E | Gross Swap Payment due Counterparty A | $ | 3,588,923.95 | $ | 34,547,919.23 | |||||||
Gross Swap Payment due Counterparty B | $ | 3,588,923.95 | $ | 30,958,995.28 | ||||||||
F | i | Class A-1 Noteholders' Interest Distribution Amount due 6/15/2005 | $ | 3,790,030.34 | $ | 27,168,964.94 | ||||||
ii | Class A-2 Noteholders' Interest Distribution Amount due 6/15/2005 | $ | 3,838,765.06 | $ | 23,330,199.88 | |||||||
iii | Class A-3 Noteholders' Interest Distribution Amount due 6/15/2005 | $ | 0.00 | $ | 23,330,199.88 | |||||||
iv | Class A-4 Noteholders' Interest Distribution Amount due 6/15/2005 | $ | 0.00 | $ | 23,330,199.88 | |||||||
v | Swap Termination Fees due 6/15/2005 | $ | 0.00 | $ | 23,330,199.88 | |||||||
G | First Priority Principal Distribution Amount - Principal Distribution Account | $ | 0.00 | $ | 23,330,199.88 | |||||||
H | Class B Noteholders’ Interest Distribuition Amount due 6/15/2005 | $ | 415,945.83 | $ | 22,914,254.05 | |||||||
I | Second Priority Principal Distribution Amount - Principal Distribution Account | $ | 0.00 | $ | 22,914,254.05 | |||||||
J | Class C Noteholders’ Interest Distribuition Amount | $ | 715,631.81 | $ | 22,198,622.24 | |||||||
K | Third Priority Principal Distribution Amount - Principal Distribution Account | $ | 0.00 | $ | 22,198,622.24 | |||||||
L | Increase to the Specified Reserve Account Balance | $ | 0.00 | $ | 22,198,622.24 | |||||||
M | Regular Principal Distribution Amount - Principal Distribution Account | $ | 14,039,668.74 | $ | 8,158,953.50 | |||||||
N | Carryover Servicing Fees | $ | 0.00 | $ | 8,158,953.50 | |||||||
O | Auction Rate Noteholder’s Interest Carryover | |||||||||||
i | Class A-3 | $ | 0.00 | $ | 8,158,953.50 | |||||||
ii | Class A-4 | $ | 0.00 | $ | 8,158,953.50 | |||||||
P | Swap Termination Payments | $ | 0.00 | $ | 8,158,953.50 | |||||||
Q | Additional Principal Distribution Amount - Principal Distribution Account | $ | 0.00 | $ | 8,158,953.50 | |||||||
R | Remaining Funds to the Certificateholders | $ | 8,158,953.50 | $ | 0.00 |
XVI. 2003-B Principal Distribution Account Allocations
Remaining | ||||||||||||
Funds Balance | ||||||||||||
A | Total from Collection Account | $ | 14,039,668.74 | $ | 14,039,668.74 | |||||||
B | i | Class A-1 Principal Distribution Amount Paid | $ | 14,039,668.74 | $ | 0.00 | ||||||
ii | Class A-2 Principal Distribution Amount Paid | $ | 0.00 | $ | 0.00 | |||||||
iii | Class A-3 Principal Distribution Amount Paid (or allocated) | $ | 0.00 | $ | 0.00 | |||||||
iv | Class A-4 Principal Distribution Amount Paid (or allocated) | $ | 0.00 | $ | 0.00 | |||||||
C | Class B Principal Distribution Amount Paid | $ | 0.00 | $ | 0.00 | |||||||
D | Class C Principal Distribution Amount Paid | $ | 0.00 | $ | 0.00 | |||||||
E | Remaining Class C Distribution Paid | $ | 0.00 | $ | 0.00 | |||||||
F | Remaining Class B Distribution Paid | $ | 0.00 | $ | 0.00 | |||||||
G | i | Remaining Class A-1 Distribution Paid | $ | 0.00 | $ | 0.00 | ||||||
ii | Remaining Class A-2 Distribution Paid | $ | 0.00 | $ | 0.00 | |||||||
iii | Remaining Class A-3 Distribution Paid (or allocated) | $ | 0.00 | $ | 0.00 | |||||||
iv | Remaining Class A-4 Distribution Paid (or allocated) | $ | 0.00 | $ | 0.00 |
13
XVII. 2003-B Distributions
A | Distribution Amounts | Class A-1 | Class A-2 | Class A-3 | Class A-4 | Class B | Class C | |||||||||||||||||||||||||
i | Quarterly Interest Due | $ | 3,790,030.34 | 3,838,765.06 | $ | 0.00 | $ | 0.00 | $ | 415,945.83 | $ | 715,631.81 | ||||||||||||||||||||
ii | Quarterly Interest Paid | 3,790,030.34 | 3,838,765.06 | 0.00 | 0.00 | 415,945.83 | 715,631.81 | |||||||||||||||||||||||||
iii | Interest Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||||
iv | Interest Carryover Due | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||||
v | Interest Carryover Paid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||||
vi | Interest Carryover | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||||
vii | Quarterly Principal Distribution Amount | $ | 14,039,668.74 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||||
viii | Quarterly Principal Paid (or allocated) | 14,039,668.74 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||||
ix | Shortfall | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||||||||||||
x | Total Distribution Amount | $ | 17,829,699.08 | $ | 3,838,765.06 | $ | 0.00 | $ | 0.00 | $ | 415,945.83 | $ | 715,631.81 | |||||||||||||||||||
B | Note Balances | 3/15/2005 | Paydown Factors | 6/15/2005 | ||||||||||||||||||||||||||||
i | A-1 Note Balance | 78443CAL8 | $ | 476,866,671.58 | $ | 462,827,002.84 | ||||||||||||||||||||||||||
A-1 Note Pool Factor | 0.822183900 | 0.024206309 | 0.797977591 | |||||||||||||||||||||||||||||
ii | A-2 Note Balance | 78443CAM6 | $ | 440,506,000.00 | $ | 440,506,000.00 | ||||||||||||||||||||||||||
A-2 Note Pool Factor | 1.000000000 | 0.000000000 | 1.000000000 | |||||||||||||||||||||||||||||
Next ARS Pay Date | Balances | |||||||||||||||||||||||||||||||
iii | A-3 Note Balance | 78443CAN4 | $ | 109,000,000.00 | $ | 109,000,000.00 | 06/20/05 | $ | 109,000,000.00 | |||||||||||||||||||||||
A-3 Note Pool Factor | 1.000000000 | 0.000000000 | 1.000000000 | 1.000000000 | ||||||||||||||||||||||||||||
iv | A-4 Note Balance | 78443CAP9 | $ | 109,000,000.00 | 109,000,000.00 | 06/23/05 | $ | 109,000,000.00 | ||||||||||||||||||||||||
A-4 Note Pool Factor | 1.000000000 | 0.000000000 | 1.000000000 | 1.000000000 | ||||||||||||||||||||||||||||
v | B Note Balance | 78443CAQ7 | $ | 43,871,000.00 | $ | 43,871,000.00 | ||||||||||||||||||||||||||
B Note Pool Factor | 1.000000000 | 0.000000000 | 1.000000000 | |||||||||||||||||||||||||||||
vi | C Note Balance | 78443CAR5 | $ | 60,744,000.00 | $ | 60,744,000.00 | ||||||||||||||||||||||||||
C Note Pool Factor | 1.000000000 | 0.000000000 | 1.000000000 |
14
XVIII. 2003-B Historical Pool Information
2004 | 2003 | |||||||||||||||||||
3/1/05-5/31/05 | 12/1/04-2/28/05 | 12/1/03-11/30/04 | 5/12/03-11/30/03 | |||||||||||||||||
Beginning Student Loan Portfolio Balance | $ | 1,148,036,144.67 | $ | 1,161,694,974.39 | $ | 1,195,939,429.02 | $ | 1,213,584,181.19 | ||||||||||||
Student Loan Principal Activity | ||||||||||||||||||||
i | Principal Payments Received | $ | 19,909,225.77 | $ | 18,781,976.65 | $ | 62,976,767.96 | $ | 30,767,631.21 | |||||||||||
ii | Purchases by Servicer (Delinquencies >180) | 2,473,300.33 | 2,513,223.56 | 6,229,380.99 | 643,906.63 | |||||||||||||||
iii | Other Servicer Reimbursements | 12,825.37 | (1.50 | ) | (1,185.60 | ) | 1,302.24 | |||||||||||||
iv | Seller Reimbursements | 30,995.21 | 74,167.62 | 288,942.89 | 719,433.21 | |||||||||||||||
v | Total Principal Collections | $ | 22,426,346.68 | $ | 21,369,366.33 | $ | 69,493,906.24 | $ | 32,132,273.29 | |||||||||||
Student Loan Non-Cash Principal Activity | ||||||||||||||||||||
i | Realized Losses/Loans Charged Off | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||
ii | Capitalized Interest | (4,471,890.21 | ) | (7,159,676.29 | ) | (32,118,092.30 | ) | (12,512,375.87 | ) | |||||||||||
iii | Capitalized Insurance Fee | (108,209.14 | ) | (550,933.41 | ) | (3,100,490.96 | ) | (1,937,718.30 | ) | |||||||||||
iv | Other Adjustments | (8,456.63 | ) | 73.09 | (30,868.35 | ) | (37,426.95 | ) | ||||||||||||
v | Total Non-Cash Principal Activity | $ | (4,588,555.98 | ) | $ | (7,710,536.61 | ) | $ | (35,249,451.61 | ) | $ | (14,487,521.12 | ) | |||||||
(-) | Total Student Loan Principal Activity | $ | 17,837,790.70 | $ | 13,658,829.72 | $ | 34,244,454.63 | $ | 17,644,752.17 | |||||||||||
Student Loan Interest Activity | ||||||||||||||||||||
i | Interest Payments Received | $ | 9,156,709.83 | $ | 8,065,907.80 | $ | 23,928,424.34 | $ | 11,210,549.42 | |||||||||||
ii | Repurchases by Servicer (Delinquencies >180) | 115,783.21 | 110,890.65 | 241,237.32 | 19,955.95 | |||||||||||||||
iii | Other Servicer Reimbursements | 135.16 | 0.00 | (33.00 | ) | 548.66 | ||||||||||||||
iv | Seller Reimbursements | 1,540.71 | 3,529.53 | 13,988.56 | 31,574.85 | |||||||||||||||
v | Late Fees | 144,157.94 | 120,165.39 | 296,003.58 | 97,305.39 | |||||||||||||||
vi | Collection Fees | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||
viii | Total Interest Collections | 9,418,326.85 | 8,300,493.37 | $ | 24,479,620.80 | 11,359,934.27 | ||||||||||||||
Student Loan Non-Cash Interest Activity | ||||||||||||||||||||
i | Realized Losses/Loans Charged Off | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||
ii | Capitalized Interest | $ | 4,471,890.21 | $ | 7,159,676.29 | $ | 32,118,092.30 | $ | 12,512,375.87 | |||||||||||
iii | Other Interest Adjustments | 229.56 | 3,172.22 | 77,643.06 | 80,573.57 | |||||||||||||||
iv | Total Non-Cash Interest Adjustments | $ | 4,472,119.77 | $ | 7,162,848.51 | $ | 32,195,735.36 | $ | 12,592,949.44 | |||||||||||
v | Total Student Loan Interest Activity | $ | 13,890,446.62 | $ | 15,463,341.88 | $ | 56,675,356.16 | $ | 23,952,883.71 | |||||||||||
(=) | Ending Student Loan Portfolio Balance | $ | 1,130,198,353.97 | $ | 1,148,036,144.67 | $ | 1,161,694,974.39 | $ | 1,195,939,429.02 | |||||||||||
(+) | Interest to be Capitalized | $ | 48,504,182.28 | $ | 44,706,060.32 | $ | 43,984,976.52 | $ | 43,786,901.54 | |||||||||||
(=) | TOTAL POOL | $ | 1,178,702,536.25 | $ | 1,192,742,204.99 | $ | 1,205,679,950.91 | $ | 1,239,726,330.56 | |||||||||||
(+) | Cash Capitalization Account Balance (CI) | $ | 74,242,876.07 | $ | 74,242,876.07 | $ | 74,242,876.07 | $ | 102,590,156.00 | |||||||||||
(=) | Asset Balance | $ | 1,252,945,412.32 | $ | 1,266,985,081.06 | $ | 1,279,922,826.98 | $ | 1,342,316,486.56 |
15
XIX. 2003-B Payment History and CPRs
Distribution | Actual | Since Issued | ||||
Date | Pool Balances | CPR * | ||||
Sep-03 | $ | 1,243,606,462 | 2.25% | |||
Dec-03 | $ | 1,239,726,331 | 2.34% | |||
Mar-04 | $ | 1,232,752,735 | 2.35% | |||
Jun-04 | $ | 1,224,328,500 | 2.40% | |||
Sep-04 | $ | 1,215,173,000 | 2.42% | |||
Dec-04 | $ | 1,205,679,951 | 2.71% | |||
Mar-05 | $ | 1,192,742,205 | 2.63% | |||
Jun-05 | $ | 1,178,702,536 | 2.60% |
* “Since Issued CPR” is based on the current period’s ending pool balance
calculated against the original pool balance and assuming cutoff date pool data.
16